Key metrics in transforming Partners into Digital Members through Trigger & Hook Disruptive strategy
Digital transformation is pushing boundaries and blurring the lines between your consumer and partner operating business models.. Scenarios that were more applicable to an individual consumer is now relevant to partners as well. Digital disruptionhas forced Telcos to throw away their old monolithic business approach, wherein they were least affected by their partners and incorporate a inclusive digital strategy. The focus has shifted more on retaining partners and converting them into long term valuable members.
The question to ask is, Are you creating enough value for your partners to maintain a long-term relationship?
This is where the “Trigger and Hook” strategy can play a crucial role ; Let’s first understand “Trigger and Hook” witha non-telco analogy. For example, I bought a TV because of the screen size and high resolution, but eventually, I stuck to the brand for the sound quality and color reproduction. So, screen size and high resolution was the “ Triggers,” but I got “hooked” to the brand because of “sound and color production quality.” Thus I became a loyal and essential member of the brand’s value chain.
Let’s look at some of the scenarios of value creation using this strategy.
- Dynamic Pricing Model: It fuels Telcos short term and long-term revenue growth from the same partner. The pricing model needs to adapt to the business models of various partners in your ecosystem.. Therefore, a dynamic pricing model, be it fixed, or usage (tier or non-tier) or subscription-based, is a must for a telco in today’s space The subscription will act as a trigger but the dynamic pricing can be the hook point for the partner.
- Convergence: The “one size fits all” approach does not work in today’s scenario as the rapid digital disruption demands a convergent appraoch. This leads having a system in place that not only allow existing traditional partners to work together but offer a seamless experience for new age digital partners such as OTT, IOT, content providers, content aggregators, infrastructure partners and be a part of the larger value driven telecom ecosystem.
- Intuitive Partner Portal (on-boarding): Traditionally, partners would come on board without any clear visibility on the revenue that is coming in. But services resulting in a constrained and thin line of revenue, it has become important for the partners to capture each stream of income and have deeper visibility. So, it has become imperative to provide a platform where a partner, be it any partner, can self-on-board on to the platform seamlessly and have clear process and business visibility. So, providing a partner portal becomes the triggering point but offering an in-depth insight on incoming revenue, quick dispute resolution would serve as a hooking point for the partners . A partner portal with smart personalization, fast onboarding and deeper insights on revenue streams will help partners to gain greater visibility and clarity on their businesses.
- Recognizing your high-value partners: In the convergence model, a Telco needs to implement a recognition method to identify Super Partners. There can be a credit scoring system that rewards partners who have become a valuable members of the value chain by offering constact support and feedback to deliver higher customer satisfaction and fueld the revenue growth for the telco.
In the digital economy, partners can make or break your business; therefore, it is very important for any Telco to have the same consumer-type mindset, by focusing on the above areas for your partner as well.. The ‘Triger and Hook’ strategy can be an effective way to create long lasting partnerships that can deliver value to all the stakeholders in the ecosystem.
To know how a partner management solution, when combined with blockchain can address some of the key challenges of partnerships.
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